Börse Stuttgart group

What Börse Stuttgart group does

Börse Stuttgart Group is a German-headquartered exchange and capital-markets group founded in 1861 and operated as an operational holding association. It is the sixth-largest exchange group in Europe, running licensed exchanges in Germany (Stuttgart), Sweden (Nordic Growth Market), and Switzerland (BX Swiss), along with a regulated zero-fee trading platform (TradeREBEL), a European broker (EUWAX AG), and an automated trading network (cats) connecting 60+ brokers across eight European countries. The group holds 18 regulatory licenses in Germany, Sweden, and Switzerland, including BaFin, FINMA, MiCAR, and Consob authorizations.

The group operates three strategic pillars: Capital Markets (traditional exchange infrastructure), Digital (crypto brokerage, trading, and custody via Boerse Stuttgart Digital, plus retail through the BISON mobile app serving 1 million active users across 70+ countries), and Tokenized Assets (the Seturion blockchain-based settlement platform and BX Digital, the first FINMA-licensed DLT trading facility). Seturion reportedly delivers up to 90% cost savings versus traditional CSD-based post-trade infrastructure and is being positioned as a pan-European settlement layer with announced integrations to Nasdaq, Société Générale/SG-FORGE, flatexDEGIRO, and Italian DLT providers.

Revenue is generated through transaction fees across exchanges, brokerage and liquidity provision (EUWAX), institutional brokerage/trading/custody for 230 institutional clients, retail crypto trading via BISON, and emerging fees from the Seturion/BX Digital tokenized-asset stack; the digital and crypto segment already contributes 25% of group revenue, with the announced Boerse Stuttgart Digital–Tradias merger (expected close H2 2026) set to consolidate regulated crypto infrastructure under a single ~300-employee entity. Distribution is multi-modal: direct retail (BISON app), partner-bank routing of crypto (DZ Bank, Sparkassen/DekaBank, BW-Bank, TARGOBANK), institutional sales, and a 3.5 million-client retail channel via flatexDEGIRO.

Name

Börse Stuttgart group

Legal name

Vereinigung Baden-Württembergische Wertpapierbörse e.V.

Website

https://group.boerse-stuttgart.com

Company type

Private

Founded year

1861

Operating status

Operating

Short description

Börse Stuttgart Group operates the sixth-largest European exchange group, running licensed exchanges in Germany, Sweden, and Switzerland plus a regulated digital/crypto business (BISON app, Boerse Stuttgart Digital) and the Seturion blockchain-based tokenized asset settlement platform, serving 230 institutional clients and 1 million retail users.

Ownership category

akta.pro rank

Product category

Exchange and Capital Markets Infrastructure

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Institutional Spot Exchanges & Broker-Dealers (FSADAAAC)

akta.pro secondary industries

Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA), Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG), Retail Crypto Brokerages (Simple Buy/Sell) (FSADAAAB)

Keywords

• Exchange operations
• Securities trading
• Crypto brokerage
• Tokenized assets
• Capital markets infrastructure

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Exchange Trading Fees: Transaction and trading fees from operating exchanges in Germany, Sweden, and Switzerland. Revenue grew significantly in 2025 with 17% rise in trading volume to 135 billion euros.
2. Digital and Crypto Business: Revenue from Boerse Stuttgart Digital including brokerage, trading, custody services for crypto and digital assets. Now accounts for 25% of group revenue.
3. Brokerage Services: EUWAX AG provides broker services and liquidity provision across all securities classes on Boerse Stuttgart Group venues and Luxembourg Stock Exchange.
4. Institutional Services: Solutions for institutional clients in brokerage, exchange, and custody serving 230 institutional clients across Europe.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Börse Stuttgart Group operates stock exchanges in Germany, Sweden, and Switzerland and provides regulated brokerage, trading, and custody infrastructure for both traditional securities and cryptocurrencies. The group runs retail platforms (BISON, TradeREBEL), institutional brokerage and custody (Boerse Stuttgart Digital), and a pan-European blockchain-based settlement platform for tokenized assets (Seturion). It serves over 1 million retail crypto customers, 230 institutional clients, and operates 2.3 million tradeable securities across eight European hubs.

Product overview

Boerse Stuttgart Group operates a multi-platform architecture across three business segments: Capital Markets (traditional exchanges and brokers), Digital (crypto infrastructure and BISON retail app), and Tokenized Assets (Seturion settlement platform and BX Digital). The group runs licensed exchanges in Germany, Sweden, and Switzerland, plus zero-fee platforms (TradeREBEL), trading networks (cats), and crypto services. The core infrastructure platforms include Seturion for blockchain-based tokenized securities settlement and BISON for retail crypto trading. With 18 licenses across Germany, Sweden, and Switzerland, the group serves 230 institutional clients and 1 million retail crypto customers.

Differentiator

Problem solved

Functional benefit

Brands

• BISON: Retail cryptocurrency trading platform serving over one million active users across more than 70 countries with 63 crypto coins.
• Seturion
• BX Digital
• EUWAX
• TradeREBEL
• cats
• BX Swiss
• Nordic Growth Market (NGM)
• Easy Euwax
• EUWAX Gold

Products and services

• BISON Retail cryptocurrency trading platform offering trading in 63+ cryptocurrencies for private investors, fully regulated under EU's MiCAR license with custody handled by Boerse Stuttgart Digital Custody GmbH. Serves over one million active users across 70+ countries.
• Seturion Pan-European blockchain-based settlement platform for tokenized assets, enabling 24/7 settlement against central bank money or on-chain cash, supporting both public and private blockchains. Offers settlement, issuance, and registrar services for tokenized securities.
• TradeREBEL Regulated zero-fee securities trading platform in Germany. Banks and brokers can connect to TradeREBEL to give customers access to trading stocks, bonds, funds, and ETFs without exchange fees.
• EUWAX Broker operating internationally, ensuring reliable and fast order execution. Provides liquidity in all securities classes and operates as a liquidity provider on all Boerse Stuttgart Group trading venues and Luxembourg Stock Exchange.
• cats Leading European trading network for fully automated trading. Over 60 brokers, order flow providers, issuers, and market makers in eight European countries interact through cats.
• BX Digital First DLT trading facility for tokenized assets regulated by FINMA in Switzerland. Uses Seturion's settlement solution and is fully owned by Seturion.
• Boerse Stuttgart Exchange Leading German private investor exchange known for highest trading quality and comprehensive product range. Operates the Easy Euwax trading segment for structured securities without exchange transaction fees.
• Nordic Growth Market (NGM) Stock exchange in Sweden creating excellent environment for listing and trading shares of young growth companies. With structured securities trading segment present in all Scandinavian countries, includes 80+ listed SMEs.
• BX Swiss Swiss exchange providing reliable access to broad portfolio of financial products in Switzerland, including zero-fee trading and tokenized securities trading.
• EUWAX Gold Exchange-traded commodity issued by Boerse Stuttgart Commodities GmbH, enabling investors to access gold trading through the exchange infrastructure.
• Boerse Stuttgart Digital The largest digital business of all European exchange groups, providing integrated solutions for institutional clients in brokerage, trading, and custody for cryptocurrencies and digital assets.

Quantifiable outcome

• Up to 90% cost savings in issuance and settlement through Seturion platform
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered supporting and core.

• WeltixsupportingTechnology or Integration · 19 June 2026Italian firm with Consob authorization as DLT Register Manager. Provides circulation services via its DLT register authorized by Italy's Consob regulator as part of end-to-end DLT solution.
• BlockInvest (Real House)supportingTechnology or Integration · 19 June 2026Italian technology platform backed by UniCredit and Crédit Agricole, contributing technology platform to create comprehensive regulated solution for tokenized securities market in Italy.
• Sparkassen/DekaBankcoreChannel Partner/ Reseller/ Distributor · 1 June 2026Germany's savings banks association routing retail cryptocurrency trading targeting summer 2026 rollout via DekaBank using Börse Stuttgart Digital's regulated infrastructure.
• Société Générale / SG-FORGEcoreStrategic or Co-development Partner · 21 May 2026Société Générale will issue tokenized structured securities (turbo warrants, investment certificates) on Seturion platform. SG-FORGE provides EURCV and USDCV stablecoins for settlement. First major European bank-owned issuer operating under MiCA framework.
• flatexDEGIROcoreChannel Partner/ Reseller/ Distributor · 21 May 2026Online broker connecting its 3.5 million retail customers across 16 countries to Seturion platform for tokenized securities trading. Key distribution partner for reaching mass retail market.
• NasdaqcoreStrategic or Co-development Partner · 9 March 2026Strategic partnership to connect Nasdaq's European trading venues to Seturion's blockchain-based settlement platform. Targets structured products initially, aiming to reduce fragmentation in European post-trade infrastructure. Collaboration operates within MiFID II and DLT Pilot Regime frameworks.
• DZ BankcoreChannel Partner/ Reseller/ Distributor · 1 January 2026Germany's second-largest banking group routing retail cryptocurrency trading through Börse Stuttgart Digital's EU-regulated MTF infrastructure. Platform live since January 2026.
• Atruvia AGsupportingTechnology or Integration · 1 January 20242024 institutional pilot conducted with Atruvia AG for bank-crypto infrastructure testing before DZ Bank deployment.

Scale indicators11 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• SIX Group: Swiss exchange and financial infrastructure operator running SIX Swiss Exchange and SDX (SIX Digital Exchange) for tokenized securities. Directly competes with BX Swiss and BX Digital in Switzerland while providing post-trade services that overlap with Seturion's ambitions.
• Kraken: Major global cryptocurrency exchange with strong European retail and institutional presence. Competes with BISON for retail European crypto users and with Boerse Stuttgart Digital for institutional trading and staking services under MiCAR.
• Coinbase: Largest US-regulated cryptocurrency exchange with European operations under MiCAR via Coinbase Germany. Competes directly with BISON for retail crypto trading and with Boerse Stuttgart Digital's institutional brokerage and custody offerings.
• Euronext: Pan-European exchange operator spanning Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo, and Paris with diversified cash equities, ETFs, and post-trade services. Competes with Boerse Stuttgart in Nordic and Italian listings and is building tokenization capabilities via Euronext Securities.
• Bitstamp: European-headquartered cryptocurrency exchange (Luxembourg-licensed) owned by Robinhood. Directly competes with BISON in retail European crypto trading and with Boerse Stuttgart Digital's institutional brokerage, with overlapping regulatory positioning.

Emerging players

• 21Shares: Swiss-based crypto ETP issuer (21Shares AG) with strong European institutional distribution, comparable to Boerse Stuttgart's structured products segment. Both companies are pushing tokenization and crypto product distribution across European bank channels.

Broad incumbents

• London Stock Exchange Group: Global exchange and financial data group operating London Stock Exchange, Borsa Italiana (Milan), and Turquoise, plus Refinitiv data business. Comparable scale and product breadth; Seturion's Italian DLT partnership with BlockInvest directly competes with Borsa Italiana's Eltif ecosystem.
• Deutsche Börse: Germany's largest exchange operator (Xetra, Frankfurt) and parent of Crypto Finance, Clearstream CSD, and Eurex derivatives. Operates across all asset classes including crypto via its DBD Digital Ventures and Crypto Finance subsidiaries, making it Boerse Stuttgart's largest domestic competitor.
• Nasdaq: US-headquartered global exchange operator with Nordic presence (Nasdaq Nordic, Copenhagen, Stockholm, Helsinki). Strategic Seturion partner but also a competitor in Nordic trading, structured products, and increasingly in tokenized securities infrastructure.

Regional players

• flatexDEGIRO: Germany's largest online broker with 3.5 million retail clients across 16 countries. Both a Seturion distribution partner (connecting 3.5M clients to tokenized securities) and a competitor in retail brokerage via its own DEGIRO platform; its former CTO is now Boerse Stuttgart's CIO.

Market position

Strengths3 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/boersestuttgart
• YouTubeyoutube.com/channel/UCiB6I_OMIYRUU6O3aGNxgjw
• Facebookfacebook.com/boersestuttgart
• LinkedInlinkedin.com/company/boersestuttgart
• Instagraminstagram.com/boersestuttgart

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Börse Stuttgart group